PDVSA turns to traders to sustain Ecuador oil deal

CARACAS (Reuters) - Venezuelan state oil giant PDVSA has had to buy dozens of extra fuel cargoes from countries as far away as Estonia and Saudi Arabia to keep up its side of a 2008 oil supply deal with leftist ally Ecuador, according to traders and sales documents.

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Venezuelan state oil giant PDVSA has had to buy dozens of extra fuel cargoes from countries as far away as Estonia and Saudi Arabia to keep up its side of a 2008 oil supply deal with leftist ally Ecuador, ...

China will finance most of the costs associated with building a $10 billion refinery in Ecuador, and become a partner in the megaproject, President Rafael Correa said Wednesday. "That is just about a done deal. It is tremendous news for the nation," Correa told foreign reporters.

About 60% of Ecuador’s oil shipments are handled by PetroChina
China’s aggressive quest for foreign oil has reached a new milestone, according to records reviewed by Reuters: near monopoly control of crude exports from an OPEC nation, Ecuador.

China’s aggressive quest for foreign oil has reached a new milestone, according to records reviewed by Reuters: near monopoly control of crude exports from an OPEC nation, Ecuador.
Last November, Marco Calvopiña, the general manager of Ecuador’s state oil company PetroEcuador, was dispatched to China to help secure $2 billion in financing for his government. Negotiations, which included committing to sell millions of barrels of Ecuador’s oil to Chinese state-run firms through 2020, dragged on for days. Calvopiña grew anxious and threatened to leave.

CARACAS — Nicolas Maduro’s win in Venezuela’s presidential election means state oil company PDVSA will continue funding the government’s socialist policies while increasingly relying on deals with China and Russia.
The late Hugo Chavez picked Maduro, a 50-year-old former bus driver, to continue his self-declared revolution in the OPEC country where he nationalized most of the oil industry during his polarizing 14-year rule.

We first exposed the "secret" US-Saudi deal in September which led to the inevitable bombing of Syria. We then progressed to explain the quid pro quo of the deal in lower oil prices (benefiting US consumers into an election and crushing Russian revenues).

By Alexandra Valencia QUITO (Reuters) - China National Petroleum Corp (CNPC) has agreed to help finance the construction of a $12 billion refinery project in Ecuador, the South American country's government said on Saturday. Ecuador has been in talks with China's biggest oil producer for a year about funding the 300,000 barrel per day Pacifico project, which aims to start output in 2017 and is a joint venture between Ecuador and Venezuelan state oil company PDVSA. "We've worked to have a third partner ... ...